This is something I should know about but would like to hear how everyone else copes. I use an analogue desk for direct monitoring in the studio, and this works really well. I have some outboard if people want reverb etc. Anyway, the other day someone asked me to give them a monitor mix from the computer, so that they could hear the exact same reverb as it would be in the mix. This is something I've always shied away from because of latency. I can get near 0 latency with a tiny buffer, but then this compromises CPU performance, especially if I've got a fancy reverb on the go.
So,what do you all do? Keep a tiny buffer size and use low-powered plugins?
In case it's relevant I'm using a MOTU 24 IO. My PC is running windows 7, has an Athlon chip 3.5GHz 8 cores, and 16Gb RAM